New job, is it best to delay our search for a home.

bloolagoon

Evening all

I have been looking for a new home, waiting to put an offer in on one, our home coming to the market this week. All good. ....

Husband has been offered a new job today. I rang our current lender regarding this and they require 1 months payslips at least.

What options do we have? The home we have not put in a formal offer on has declined lower offers, are in no rush to move and allowed us time to market our home. We expect a sale of our own home within a month as over ceiling limit and there are few 4 bedroom homes within the area of our size, as we have a double garage, so large master room etc. buyers waiting.

It's not going to be possible to proceed with our plans is it?

Any advice from those more experienced would be appreciated.

ACG

If he has moved from 1 job to another (ie left on the friday and started on the monday) maybe with a week off in between max - there will be lenders available.

You could probably do this yourself to be honest if you can be bothered checking lenders criteria. If not, then get in touch with a broker.

bloolagoon

Thank you. We are really struggling to find someone mid job change. I think a broker is needed as every major company with decent rates won't touch us. Or we delay, need to consider all options.

anotherginger

We got a mortgage mid job change with Nationwide. They requested a copy of the letter confirming the job offer and confirmation of the salary. We completed while my partner was in his notice period for his original job.

(and we used a no-fee broker mainly because neither of us had time to chase the mortgage company ourselves)

bloolagoon

anotherginger wrote: »

We got a mortgage mid job change with Nationwide. They requested a copy of the letter confirming the job offer and confirmation of the salary. We completed while my partner was in his notice period for his original job.

(and we used a no-fee broker mainly because neither of us had time to chase the mortgage company ourselves)

Thank you, I will contact nationwide. Problem is we don't have a mortgage offer only AIP. He is looking to hand his notice in next week, with a months notice required, really bad timing.

easilydistracted

I have just got an Agreement in Principle from Halifax, having only started in my job on 3rd June. I do have a long history in the same sector. We are hopefully making a full application next week and they are sure this will be fine approval wise (we just had an offer accepted). As I will not have a full months wage slip they are taking an employers reference. They don't mind I have a probation period either. Nationwide also seemed happy to lend. We do have a squeeky clean credit record though. Hope that helps.

amnblog

bloolagoon wrote: »

every major company with decent rates won't touch us.

This is a sweeping statement Bloo, where did you get this idea?

Many mainstream lenders are not as restrictive as your current provider when dealing with job changes.

GwylimT

Our current lenders are nationwide, we were approved for our mortgage a few days after I was offered my current job which would have been about three weeks before my start date, as I wouldn't have a pay slip nationwide asked for confirmation from my new employer concerning my role, whether it was permanent and my salary.

However, our last mortgage was with nationwide and we both have credit cards we pay off in full every month and in the past we have both had cars on finance that we paid off on time every month so our credit rating is good and nationwide already knew a lot about us. We also had a 40% deposit from the sale of our last house and some savings we also had.

bloolagoon

Sorry for the sweeping statement, the ones I rang wouldn't accept this. Ill try nationwide max Halifax. HSBC said 3 months and First DIrect said 1 month.

We have great credit history, low LTV and low multiple for calculations so hoping I find someone. Off to research rates.

gld73

I've just started a new job and am having to relocate for it - so in the Catch 22 situation where I'm buying a house because I've got a new job, but having a new job makes it hard to get a mortgage to get the new house!

It's not insurmountable, but I've had to produce the last 3 payslips from my previous employer, my tax return from the last financial year, the contract and offer letter for my new job, and a letter from my new employer confirming I'm not in a probationary period. I'm taking out the mortgage with HSBC who I have my current account with where my salary goes into, so they also needed to see the first month pay go in.

I've finally managed to provide everything they asked for, so now it's fingers crossed that the offer will come through soon! But when I initially started looking at what mortgages were available, yes, my situation was a definite "no" for some lenders.

Good luck!

bloolagoon

gld73 wrote: »

I've just started a new job and am having to relocate for it - so in the Catch 22 situation where I'm buying a house because I've got a new job, but having a new job makes it hard to get a mortgage to get the new house!

It's not insurmountable, but I've had to produce the last 3 payslips from my previous employer, my tax return from the last financial year, the contract and offer letter for my new job, and a letter from my new employer confirming I'm not in a probationary period. I'm taking out the mortgage with HSBC who I have my current account with where my salary goes into, so they also needed to see the first month pay go in.

I've finally managed to provide everything they asked for, so now it's fingers crossed that the offer will come through soon! But when I initially started looking at what mortgages were available, yes, my situation was a definite "no" for some lenders.

Good luck!

The issue we have is that assuming as quick a sale as we anticipate the 1 month won't be in bank. Holding out for full application as lots of variables. We can't offer without a full offer (not DIP), so will take each day as it comes.

Thank you so much for the heads up re nationwide, good flexible product (higher rate than we are on, but a good rate), who want a letter and confirmation only of job offer, which shouldn't be a problem. Apparently our insurance against unemployment and savings are worthless, yet the underwriter may consider.

In short it looks like nationwide may resolve our issues.

Sincere thanks to you all,